This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Below are 12 audit procedures. Classify each procedure according to the following types of audit ... (Read 43 times)

shivanipalawai@gmail.com

  • Full Member
  • ***
  • Posts: 140
on: Aug 21, 2022
Below are 12 audit procedures. Classify each procedure according to the following types of audit evidence: (1) physical examination, (2) confirmation, (3) documentation, (4) observation, (5) inquiry of the client, (6) reperformance, and (7) analytical procedure.

Type of EvidenceAudit Procedures
​1. Watch client employees count inventory to determine whether company procedures are being followed.
​2. Count inventory items and record the amount in the audit files.
​3. Trace postings from the sales journal to the general ledger accounts.
​4. Calculate the ratio of cost of goods sold to sales as a test of overall reasonableness of gross margin relative to the preceding year.
​5. Obtain information about the client's internal controls by asking questions of client personnel.
​6. Trace column totals from the cash disbursements journal to the general ledger.
​7. Examine a piece of equipment to make sure a recent purchase of equipment was actually received and is in operation.
​8. Review the total of repairs and maintenance for each month to determine whether any month's total was unusually large.
​9. Compare vendor names and amounts on purchase invoices with entries in the purchases journal.
​10. Foot entries in the sales journal to determine whether they were correctly totaled by the client.
​11. Make a surprise count of petty cash to verify that the amount of the petty cash fund is intact.
​12. Obtain a written statement from the client's bank stating the client's year-end balance on deposit.
Auditing and Assurance Services ¦ Arens, Elder, Beasley, Hogan ¦ 17th Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by shivanipalawai@gmail.com on Aug 21, 2022

Kevin5!

  • Full Member
  • ***
  • Posts: 188
Reply #1 on: Aug 21, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 32% of students answer this correctly


shivanipalawai@gmail.com

  • Member
  • Posts: 140
Reply 2 on: Aug 21, 2022
Gracias!

amandanbreshears

  • Member
  • Posts: 320
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

Methicillin-resistant Staphylococcus aureus or MRSA was discovered in 1961 in the United Kingdom. It if often referred to as a superbug. MRSA infections cause more deaths in the United States every year than AIDS.

Methicilli ...
Did you know?

Blastomycosis is often misdiagnosed, resulting in tragic outcomes. It is caused by a fungus living in moist soil, in wooded areas of the United States and Canada. If inhaled, the fungus can cause mild breathing problems that may worsen and cause serious illness and even death.

Did you know?

The liver is the only organ that has the ability to regenerate itself after certain types of damage. As much as 25% of the liver can be removed, and it will still regenerate back to its original shape and size. However, the liver cannot regenerate after severe damage caused by alcohol.

Did you know?

Children with strabismus (crossed eyes) can be treated. They are not able to outgrow this condition on their own, but with help, it can be more easily corrected at a younger age. It is important for infants to have eye examinations as early as possible in their development and then another at age 2 years.

Did you know?

The ratio of hydrogen atoms to oxygen in water (H2O) is 2:1.

Variation in climatic conditions result in geographic variation in the distribution of biome types a Variation in climatic conditions result in geographic variation in the distribution of biome types a
Vasectomy Procedure Vasectomy Procedure
Major cell types in the human body. Major cell types in the human body.
How to classify whether an equation is linear, quadratic, or cubic How to classify whether an equation is linear, quadratic, or cubic
Three Main Types of Tectonic Plates Boundaries Three Main Types of Tectonic Plates Boundaries
Maternal age is the major risk factor for autosomal trisomies of all types. By age 42, about one in Maternal age is the major risk factor for autosomal trisomies of all types. By age 42, about one in
Video: Red alga life cycle Animation

For a complete list of videos, visit our video library